1.

AB—EUROPEAN INCOME PORTFOLIO

Source: AB, as of 31 December 2020.

Class ATThe share class below intend to declare and pay monthly dividends. Dividend amount/distribution rate is not guaranteed and may be paid from capital of the Portfolio. (See Important Information 6)

Annualized yield is calculated with the following formula: dividend of the month x 12 / ex-dividend price of the month x 100. Positive distribution yield does not imply positive return. The historical data provided beloware for information purposes only and do not imply prospective yields of the Portfolio.

Important Information1 The portfolio invests primarily in fixed-income securities of European companies and governments.2. The portfolio may invest in European securities where the issuers have their registered office or exercise the predominant part of their economic activities in Europe. A

significant deterioration of the European debt crisis could have a significant adverse impact on some of the Portfolio’s investments.3. Invest in emerging markets is subject to higher volatility and higher risks (e.g. liquidity risk, currency risk, political risk, regulatory risk and economic risk).4. Investment in the portfolio may also involve fixed-income securities risks, illiquid assets risk, country risk, management risk, credit risks, eurozone risk and Renminbi

share class risk. Exposure to lower rated and unrated instruments can subject the Portfolio to greater risk of loss of principal and interest than higher-rated securities. The value of the portfolio can be volatile and can go down substantially within a short period of time. It is possible that the entire value of your investment in the portfolio can be lost.

5. The portfolio is entitled to use financial derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks. In adverse situations, the portfolio’s use of derivative instruments may become ineffective in hedging or efficient portfolio management and the portfolio may suffer significant losses.

6. Dividends may be paid from capital or effectively out of the capital of the Portfolio, which may amount to a partial return or withdrawal of an investor’s original investment or from any capital gains attributable to that original investment and result in an immediate decrease of the Net Asset Value per Share.

7. Investors should not rely on this document alone to make investment decisions.

OVERALL MORNINGSTAR RATINGTMClass A2 EUR Shares

Rated against 452 funds in the EUR Flexible BondCategory, based on risk-adjusted returns.

*

Provides a Relatively Attractive Risk/Adjusted Yield 2. Barbell Approach Delivers Positive Returns in Most Market Environments

3. Forward Returns Tend to Be Relateively Attractive After Meaningful Corrections 4. Past Dividend Payout Record†

MonthNAV

(EUR)DIV

(EUR) Yield12/31/2020 6.98 0.0187 3.21%11/30/2020 6.96 0.0187 3.22%10/30/2020 6.79 0.0187 3.30%09/30/2020 6.79 0.0187 3.30%08/31/2020 6.78 0.0187 3.31%07/31/2020 6.76 0.0187 3.32%

-1

0

1

2

3

4

GermanyTeasury

USTreasury*

EuroAggregate

Euro IGCorporate

ItalianTreasury

AB EuropeanIncome

Euro HighYield

USHigh Yield*

Yiel

d-to

-Wor

st (P

erce

nt)

AAA AAA A+BBB- BBB-

BBB-

BB- B+European Income Portfolio Annual Returns Since Inception(Percent)

Dot-ComBubble

Global CreditCrisis

Eurozonecrisis

TaperTantrum

EnergySell-Off

Year

-4.4 -3.1

3.711.29.9

5.4 2.0

-1.3

-22.3

40.4

9.8

-1.7

21.9

5.1 6.50.8

5.6 4.1

-2.1

8.0 5.0

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Past performance does not guarantee future results. Performance is represented by Class A shares and is calculated at net asset value with all dividends reinvested in EUR. Performance for more recent periods may be different from that shown. Total returns, provided by AB, reflect the change in net asset value and assume reinvestment of any distributions paid on Fund shares for the period shown, but do not reflect sales charges. Accordingly, these figures do not represent actual returns to an investor. The investment return and principal value of an investment in the Fund will fluctuate as the prices of the individual securities in which it invests fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. As of 31 December 2020. Source: AB

AB European Income Portfolio Drawdowns of More than 5% and the Time to Loss Recovery (Percent)

Max Drawdown 12M forward return 24M forward return

?

TIME TORECOVERY

19Months

5Months

2Months

6Months

49.0

-11.4

-26.5

-7.6 -11.2

3.0

23.6

7.6

27.515.0

2001 2009 2011 2020

Current analyses does not guarantee future results.Credit quality is a measure of the creditworthiness and risk of a bond or portfolio, based on the issuer’s financial condition. AAA is highest and D is lowest. Data are preliminary. Yield per unit of volatility is calculated using 5-year data. An investor cannot invest directly in an index, and its performance does not reflect the performance of any AB portfolio. The unmanaged index does not reflect fees and expenses associated with the active management of a portfolio. *Hedged to EUR. As of 31 December 2020. Source: Bloomberg Barclays and AB

Historical analyses do not guarantee future results. Portfolio inception date (Class A EUR): 26 February 1999. Calculated on an NAV-to-NAV basis, in Euro and net of fees. As of 31 December 2020.Source: Bloomberg and AB

The portfolio is available in EUR and USD. Hedged

Share Classes in AUD, HKD, RMB, SGD and USD are also

available .^

1Q 2021

Corporates - Non-Investment Grade 46.13%

Global Governments 26.88%

Corporates - Investment Grade 24.91%

Cash Equivalents 1.02%

Emerging Markets - Corporate Bonds 0.99%

Country AllocationTop Sectors

This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing in AllianceBernstein funds, investors should review the fund’s full prospectus, together with the fund’s Product Key Facts and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from www.abfunds.com / www.alliancebernstein.com or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution.AB – European Income Portfolio is a portfolio of AB FCP I. AB FCP I (referred to as “AB”) is a mutual investment fund (fonds commun de placement) organized under the laws of the Grand Duchy of Luxembourg. Prior to 5 February 2016, the Fund’s legal name was ACMBernstein, its trading name was AllianceBernstein.The information contained herein reflects, as of the date hereof, the views of AB and sources believed by AB to be reliable. No representation or warranty is made concerning the accuracy of any data compiled herein. In addition, there can be no guarantee that any projection, forecast or opinion in these materials will be realized. The views expressed herein may change at any time subsequent to the date of issue hereof. These materials are provided for informational purposes only and under no circumstances may any information contained herein be construed as investment advice. Neither may any information contained herein be construed as any sales or marketing materials with respect to any financial instrument, product or service sponsored or provided by AB or any affiliate or agent thereof.Past performance is no guarantee of future results. Total returns, provided by AB, include the change in net asset value and reinvestment of any distributions paid on Portfolio shares for the period shown, but do not reflect sales charges. Returns listed may not represent actual returns to an investor. Shares of the Portfolio are offered only pursuant to the Portfolio’s current prospectus together with the most recent financial statements. References, if any, to specific securities are presented to illustrate the application of our investment philosophy only and are not to be considered recommendations by AB. Any specific securities identified and described in the material do not represent all of the securities purchased, sold or recommended for the Portfolio, and may or may not be held by the Portfolio at any given time. It should not be assumed that investments in the securities were or will be profitable.Investment Risks—Investment in the Portfolio entails certain risks. Investment returns and principal value of the Portfolio will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Portfolio is meant as a vehicle for diversification and does not represent a complete investment program. These and other risks are described in the Portfolio’s prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the Portfolio’s fees and charges with their financial advisor to determine if the investment is appropriate for them.* Overall Morningstar Rating is a copyright of Morningstar, Inc., 2021. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3)

is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar rates funds from one star to five stars based on how well the funds have performed (after adjusting for risk) in comparison to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods, in three years, five years, and ten years, and these ratings are combined to produce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They are a useful tool for identifying funds worthy of further research, but should not be considered buy or sell recommendations. As of 31 December 2020.

^ Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share class denominated in the investor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely. Convenience Pricing/Reporting Currencies offers the ability to purchase or redeem shares using the currency indicated, which is then converted into the base currency of the portfolio using a market rate at the time of the purchase or redemption. Convenience Pricing/Reporting Currencies involves no currency hedging and does not seek to provide any protection from currency fluctuations.

† The past 5 calendar year performance for AB – European Income Portfolio: (Class AT, EUR): 0.23% (2015), 5.02% (2016), 3.48% (2017), -2.64% (2018), 7.45% (2019) and 4.44% (2020). Source: AB, calculated on an NAV-to-NAV basis with dividend reinvested, in Euro, as of 31 December 2020.

This document has not been reviewed by the Securities and Futures Commission. The issuer of this document is AllianceBernstein Hong Kong Limited.

© 2021 AllianceBernstein L.P. The [A/B] logo is a service mark of AllianceBernstein and AllianceBernstein® is a registered trademark used by permission of the owner, AllianceBernstein L.P

(Issue date of this document: 15 March 2021)

EIP-PRF-EN-HK-1Q21

7. Portfolio Allocation

Holdings are expressed as a percentage of total investments and may vary over time. Numbers may not sum due to rounding. Excludes offsets. Sector Allocation uses a split to lower with two different ratings (and a split to middle for three ratings). Source: AB, as of 31 December 2020.

Offering documents canbe downloaded from"Quick Links" Section:

Source: AB, as of 31 December 2020.

5. Dynamic Sector Allocation Can Help to Generate Income and Returns 6. Fund Profile

Past performance does not guarantee future results. Sector weightings will vary over time. Based on the European Income Portfolio. *Government-Related includes treasuries, local governments, sovereign agencies, and supranationals; not all sectors are listed. The highest of the available Standard & Poor’s (S&P), Moody’s and Fitch ratings is used to define high yield versus investment-grade corporate bonds. Source: AB, as of 31 December 2020.

European Income Portfolio Sector Weights

Per

cent

Government and Government Related* Covered Bonds Investment Grade CreditHigh Yield Emerging Markets Net Cash Equivalents

0

25

50

75

100

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Portfolio Manager:Scott DiMaggio, CFAJorgen KjaersgaardJohn Taylor

Inception Date: 26/02/1999 (Class A – EUR)

Base Currency: EUR

^Convenience Pricing/  Reporting Currencies:

USD

^Currency-hedged Share Classes:

AUD, HKD, RMB, SGD, USD

Class offered: A, A2, AA, AT

Fund Size: EUR 2,211.40 Million

United States 18.43%France 13.17%Italy 12.60%Spain 11.40%Germany 11.37%Other 33.03%

1Q 2021EUROPEAN INCOME PORTFOLIO

3.

1.

聯博－歐洲收益基金

AT類股份以下股份類別旨在每月宣派及派付股息。派息╱息率並無保證，派息可從資本中支付。（注意重要事項6）

年度化息率按以下程式計算：以當月之派息 x 12 ╱當月除息價格 x 100。正派息率並不表示本基金將錄得正回報。以下所提供的過往數據僅作參閱之用，並不代表基金未來的年息率。

當前分析並非未來業績的保證。信貸質素乃衡量發行人財務狀況對某債券或基金而言的信譽度及風險。AAA為最高評級，D為最低評級。數據為初步的。每單位波動性孳息率使用5年數據計算。投資者不能直接投資某一指數，其表現亦不反映任何聯博基金的表現。非管理式指數並不反映與主動型管理基金相關的費用及開支。*歐元對沖。截至2020年12月31日。資料來源：彭博巴克萊及聯博

*

提供相對具吸引力的風險/經調整收益率 2. 在大多數市場環境中錄得正回報的啞鈴法

經過實質性調整後，遠期回報率將相對具吸引力 4. 過往派息記錄†

月份資產淨值（歐元）

股息（歐元） 息率

12/31/2020 6.98 0.0187 3.21%

11/30/2020 6.96 0.0187 3.22%

10/30/2020 6.79 0.0187 3.30%

09/30/2020 6.79 0.0187 3.30%

08/31/2020 6.78 0.0187 3.31%

07/31/2020 6.76 0.0187 3.32%

最差

孳息

率 (百

分比

）

德國國庫債券

美國國庫債券*

歐元綜合 歐元投資級別公司債券

意大利國庫債券

聯博歐洲收益基金

歐元高收益

債券

美國高收益債券*

-1

0

1

2

3

4

AAA AAA A+BBB- BBB-

BBB-

BB- B+歐洲收益基金自成立以來的年度回報百分比

互聯網泡沫

環球企業債券危機

歐元區危機

縮減恐慌

能源沽售潮

年

-4.4 -3.1

3.711.29.9

5.4 2.0

-1.3

-22.3

40.4

9.8

-1.7

21.9

5.1 6.50.8

5.6 4.1

-2.1

8.0 5.0

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

聯博歐洲收益基金下跌超過5%及損失恢復所需時間（百分比）

最大跌幅 12個月遠期回報率 24個月遠期回報率

復甦所需 復甦

19個月

5個月

2個月

?

49.0

-11.4

-26.5

-7.6 -11.2

3.0

23.6

7.6

27.515.0

2001 2009 2011 2020

6個月

重要事項1 本基金主要投資於歐洲公司及政府的定息證券。2 本基金可投資於註冊辦事處位於歐洲或主要經濟活動在歐洲進行的發行人所發行的歐洲證券。倘若歐債危機嚴重惡化，可能對本基金的一些投資造成嚴重

不利的影響。3 投資於新興市場面對較高的波動性及較高的風險（例如流動性風險、貨幣風險、政治風險、監管風險及經濟風險）。4 投資於本基金亦可能涉及固定收益證券風險、不流通資產風險、國家風險、管理風險、信用風險、歐元區風險及人民幣類別風險。 低評級及無評級工具被視

為須承受本金及利息損失的更大風險。基金價格可反覆波動，並可在一段短時期內顯著下跌。閣下於本基金的投資可能會價值全失。5 本基金可使用衍生工具達到對沖及有效基金管理的目的，這可能涉及額外風險。在不利情況下，本基金使用的衍生工具未必能夠有效地達到對沖或有效基金

管理的目的，且本基金可能會遭受重大損失。6 本基金可從資本中或實際上以資本撥付派息（此舉可構成部分退回或撤回投資者原本的投資）或來自原本投資應佔的任何資本收益，由此即時減低每股資

產淨值。7 投資者不應只依賴本文件而作出投資決定。

過往分析並非未來業績的保證。基金成立日期（A類歐元）：1999年2月26日。按資產淨值比較基準計算，以歐元計值且扣除費用。截至2020年12月31日。資料來源：彭博巴克萊及聯博

過往表現並非未來業績的保證。表現由A類股份代表，以資產淨值計算，並就所有股息以歐元進行再投資。 較近期表現可能有別於所示數據。 由聯博提供的總回報反映資產淨值變動，並假設於所示期內就基金股份所作的任何分派均用於再投資，但並不反映銷售收費。 因此，此等數字並不代表投資者的實際回報。 投資本基金的投資回報及本金額將隨著其所投資個別證券的價格波動而波動，故股份在贖回時的價值可能高於或低於其原來成本。 截至2020年12月31日 。資料來源：聯博 資料來源：聯博，截至2020年12月31日。

OVERALL MORNINGSTAR RATINGTMClass A2 EUR Shares

Rated against 452 funds in the EUR Flexible BondCategory, based on risk-adjusted returns.

本基金包括歐元及美元，亦備有澳元、港元、

人民幣、新加坡元及美元對沖股份類別。^

第1季 2021

公司債券–非投資等級 46.13%

環球各國政府債券 26.88%

公司債券–投資等級 24.91%

現金等值 1.02%

新興市場–公司債券 0.99%

國家分佈最高行業分佈

EIP-PRF-CH-HK-1Q21

7. 基金投資組合配置

持倉以總投資額的百分比呈列及可隨時變更。因四捨五入的關係，各項數據的總和未必等同總額。並未包括對沖工具及相關抵銷。工行業分佈使用兩個不同評級中較低的評級（及三個不同評級中中等的評級）。資料來源：聯博，截至2020年12月31日。

5. 靈活的類別配置是創造收益及回報的關鍵 6. 基金基本資料歐洲收益基金的類別權重

百分比

政府及政府相關債券* 擔保債券 投資級別企業債券高收益債券 新興市場 淨現金等值物

0

25

50

75

100

07 08 09 10 11 12 13 14 15 16 17 18 19 20

基金經理：Scott DiMaggio, CFAJorgen KjaersgaardJohn Taylor

成立日： 26/02/1999（A類－歐元）

基準貨幣： 歐元

^其他報價貨幣： 美元

^貨幣對沖股份類別：澳元，港元，人民幣，新加坡元，美元

發售類別： A, A2, AA, AT

基金規模： 2,211.40 百萬歐元

美國 18.43%法國 13.17%意大利 12.60%西班牙 11.40%德國 11.37%其它 33.03%

過往表現並非未來業績的保證。類別權重將隨著時間而變化。基於歐洲收益基金。*政府相關債券包括國庫債券、地方政府債券、主權機構債券和超國家債券；並未列出所有類別。以標準普爾（標普）、穆迪及惠譽的最高評級界定高收益與投資級別公司債券。截至2020年12月31日。資料來源：聯博 資料來源：聯博，截至2020年12月31日。

基金銷售文件可於「重要文件」一欄下載:

此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士。投資聯博基金前，投資者應審查基金的認購章程全文，連同基金的產品資料概要，以及最近期的財務報表。這些文件的副本，其中包括最近期的年度報告，以及如果其後頒布者，則為最近期的中期報告，可瀏覽www.abfunds.com.hk或聯繫基金獲授權經銷司法權區的當地經銷商免費索取。

本基金為 AB FCP I （即“聯博”） 旗下的一個投資組合。聯博是根據盧森堡大公國法律組成的互惠投資基金 （fonds commun de placement），法定名稱為 AB FCP I。在 2016 年2 月 5 日之前，聯博的法定名稱為 ACMBernstein，營業名稱為聯博。本文件所包含資訊反映截至本文件日期聯博及其相信為可靠的來源的觀點。本公司不就本文件所匯集的任何數據的準確性作出聲明或保證。另外，此等資料內的任何預計、預測或意見不保證一定會實現。於本文件表達的觀點可在本文件發行日期之後隨時變更。此等資料僅作資訊用途，當中包含的任何資訊在任何情況下均不可視作投資忠告。本文件所包含的任何資料亦不可視作與聯博或其任何附屬公司或代理所營辦或提供的任何金融投資工具、產品或服務有關的任何銷售或市場推廣資料。以往表現並非未來業績的保證。聯博提供的總回報反映資產淨值的變動，並於所示時期內就基金股份所支付的任何分派均用於再投資，但不反映銷售費。所列回報不一定代表投資者所得的實際回報。本基金股份只可根據本基金的現行認購章程連同最近的財務報表發售。如有提及任何個別證券，目的僅為說明本公司投資理念的應用，不可視為聯博所作推薦。本資料所指明及所述的個別證券，並不代表為本基金買入、賣出或建議的所有證券，本基金於任何特定時間可能持有，亦可能不持有。不應假定投資於此等證券在以往或將來均可獲得利潤。投資風險─投資於本基金須承擔若干風險。投資於本基金的回報及本金值會有波動，故投資者的股份在贖回時的價值可能高於或低於原來成本。並非所有股份類別均可獲派息，亦無派息保證。本基金旨在作為分散投資的工具，並非完整投資計劃。此等風險以及其他風險在本基金認購章程內有說明。準投資者應細閱認購章程包括風險因素，並與其理財顧問商討本基金的風險及各項費用，以確定是否適合投資。* Overall Morningstar Rating 是晨星有限公司 2021 版權所有。晨星提供的資料：(1) 為晨星的獨有資產；(2) 未經許可不得複製或轉載；及 (3) 晨星未就資料的完整性、準

確性及即時性作出任何保證。晨星及其內容供應商對於因使用相關資料而作出的交易決定均不承擔任何責任。過往績效紀錄不能保證未來投資結果。晨星將同類型基金比較，以其表現為基礎（經考慮風險及銷售費用而調整後），從一到五星評級。於晨星各分類內，表現首 10% 的基金評為五星，接下來的 22.5% 的基金評為四星，中間35% 的基金評為三星，接下來 22.5% 的基金評為兩星，而尾 10% 的基金評為一星。 基金評級分為三個時段：三年、五年和十年；評級會結合並產生一個整體評級。基金成立少於三年並不獲評級。評級是客觀的，完全以歷來表現的數學評價為基礎。 評級為鑑定值得進一步研究的基金的有用工具，不應被視作買入或贖回基金的信號。截至 2020 年 12 月 31 日。

^ 貨幣對沖股份類別運用對沖技術，嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動，其目的是達致更接近以基準貨幣計算的回報。其它報價貨幣類別可用該貨幣買入或贖回基金，然後依買進或贖回時的市場匯率兌換成基金基準貨幣。此類報價貨幣並無貨幣對沖，亦不提供對貨幣匯率波動的保護。

† 聯博—歐洲收益基金 （AT 類，歐元）過去 5 個歷年的表現： 0.23% （2015 年），5.02% （2016 年），3.48% （2017 年），-2.64% （2018 年），7.45% （2019 年）及 4.44%（2020 年）。資料來源：聯博，按資產淨值比較計算，股息用於再投資，以歐元計，截至 2020 年 12 月 31 日。

此文件並未經證監會審閱。此文件的發行者為聯博香港有限公司 。© 2021AllianceBernstein L.P. [A/B] 標誌為 AllianceBernstein 的服務標記，而 AllianceBernstein ® 為註冊商標，須獲得其擁有人 AllianceBernstein L.P. 的批准方可使用。

（本文件刊發日期：2021 年 3 月 15 日）

第1季 2021歐洲收益基金

FIXED INCOME 定息

April 2021 年 4 月 MONTHLY NAV AND DIVIDEND SUMMARY

每月資產淨值及股息摘要

AB - European Income Portfolio 聯博 - 歐洲收益基金 NAV, Dividend and Yield Information as of 04/30/2021 截至 04/30/2021 的資產淨值、股息及年度化息率資料

The share class below intends to declare and pay monthly dividends. Dividend amount/distribution rate is not guaranteed and may be paid from capital of the Portfolio. (See Important Information 6) 以下股份類別旨在每月宣派及派付股息。派息/息率並無保證，派息可從資本中支付。(注意重要事項 6) Annualized yield is calculated with the following formula: dividend of the month x 12 / ex-dividend price of the month x 100. Positive distribution yield does not imply positive return. The historical data provided below are for information purposes only and do not imply prospective yields of the Portfolio. 年度化息率按以下程式計算：以當月之派息 x 12 / 當月除息價格 x 100。正派息率並不表示本基金將錄得正回報。以下所提供的過往數據僅作參閱之用，並不代表基金未來的年息率。

Class AT shares, EUR (ISIN: LU0173638916) AT類股份，歐元

Month 月份

NAV (€) 資產淨值（歐元）

DIV (€) 股息（歐元）

Annualized Yield 年度化息率

04/30/2021 6.84 0.0187 3.28% 03/31/2021 6.87 0.0187 3.27% 02/26/2021 6.87 0.0187 3.27% 01/29/2021 6.94 0.0187 3.23% 12/31/2020 6.98 0.0187 3.21% 11/30/2020 6.96 0.0187 3.22% 10/30/2020 6.79 0.0187 3.30% 09/30/2020 6.79 0.0187 3.30% 08/31/2020 6.78 0.0187 3.31% 07/31/2020 6.76 0.0187 3.32% 06/30/2020 6.69 0.0187 3.35% 05/29/2020 6.59 0.0187 3.41% 04/30/2020 6.46 0.0187 3.47% 03/31/2020 6.14 0.0187 3.65% 02/28/2020 6.86 0.0187 3.27% 01/31/2020 6.96 0.0187 3.22% 12/31/2019 6.91 0.0187 3.25% 11/29/2019 6.92 0.0187 3.24% 10/31/2019 6.95 0.0187 3.23% 09/30/2019 7.01 0.0187 3.20% 08/30/2019 7.05 0.0187 3.18% 07/31/2019 6.98 0.0187 3.21% 06/28/2019 6.94 0.0187 3.23% 05/31/2019 6.81 0.0201 3.54%

Important Information 重要事項 1. The portfolio invests primarily in fixed-income securities of European companies and governments.

本基金主要投資於歐洲公司及政府的定息證券。 2. The portfolio may invest in European securities where the issuers have their registered office or exercise the predominant part of their economic activities in Europe. A significant deterioration of the European debt crisis could have a

significant adverse impact on some of the Portfolio’s investments. 本基金可投資於註冊辦事處位於歐洲或主要經濟活動在歐洲進行的發行人所發行的歐洲證券。倘若歐債危機嚴重惡化，可能對本基金的一些投資造成嚴重不利的影響。

3. Invest in emerging markets is subject to higher volatility and higher risks (e.g. liquidity risk, currency risk, political risk, regulatory risk and economic risk). 投資於新興市場面對較高的波動性及較高的風險（例如流動性風險、貨幣風險、政治風險、監管風險及經濟風險）。

4. Investment in the portfolio may also involve fixed-income securities risks, illiquid assets risk, country risk, management risk, credit risks, eurozone risk and Renminbi share class risk. Exposure to lower rated and unrated instruments can subject the Portfolio to greater risk of loss of principal and interest than higher-rated securities. The value of the portfolio can be volatile and can go down substantially within a short period of time. It is possible that the entire value of your investment in the portfolio can be lost. 投資於本基金亦可能涉及固定收益證券風險、不流通資產風險、國家風險、管理風險、信用風險、歐元區風險及人民幣類別風險。低評級及無評級工具被視為須承受本金及利息損失的更大風險。基

金價格可反覆波動，並可在一段短時期內顯著下跌。閣下於本基金的投資可能會價值全失。 5. The portfolio is entitled to use financial derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks. In adverse situations, the portfolio’s use of derivative instruments may become

ineffective in hedging or efficient portfolio management and the portfolio may suffer significant losses. 本基金可使用衍生工具達到對沖及有效基金管理的目的，這可能涉及額外風險。在不利情況下，本基金使用的衍生工具未必能夠有效地達到對沖或有效基金管理的目的，且本基金可能會遭受重大損

失。 6. Dividends may be paid from capital or effectively out of the capital of the Portfolio, which may amount to a partial return or withdrawal of an investor’s original investment or from any capital gains attributable to that original investment and

result in an immediate decrease of the Net Asset Value per Share. 本基金可從資本中或實際上以資本撥付派息(此舉可構成部分退回或撤回投資者原本的投資)或來自原本投資應佔的任何資本收益，由此即時減低每股資產淨值。

7. Investors should not rely on this document alone to make investment decisions. 投資者不應只依賴本文件而作出投資決定。

EIP–DYI–EN–CH–HK–0421 (Issue date of this document 本文件刊發日期: 05/10/2021)

Class AT shares, AUD-Hedged^ (ISIN: LU0539801802) AT類股份，澳元對沖^

Class AT shares, SGD-Hedged^ (ISIN: LU1035781084) AT類股份，新加坡對沖^

Month 月份

NAV (A$) 資產淨值（澳元）

DIV (A$) 股息（澳元）

Annualized Yield 年度化息率

Month 月份

NAV (SGD) 資產淨值 (新加坡元)

DIV (SGD) 股息 (新加坡元)

Annualized Yield 年度化息率

04/30/2021 14.64 0.0486 3.98% 04/30/2021 13.91 0.0445 3.84% 03/31/2021 14.71 0.0486 3.96% 03/31/2021 13.97 0.0445 3.82% 02/26/2021 14.71 0.0486 3.96% 02/26/2021 13.96 0.0445 3.83% 01/29/2021 14.86 0.0486 3.92% 01/29/2021 14.11 0.0445 3.78% 12/31/2020 14.95 0.0486 3.90% 12/31/2020 14.18 0.0445 3.77% 11/30/2020 14.90 0.0486 3.91% 11/30/2020 14.12 0.0445 3.78% 10/30/2020 14.55 0.0486 4.01% 10/30/2020 13.79 0.0445 3.87% 09/30/2020 14.53 0.0486 4.01% 09/30/2020 13.77 0.0445 3.88% 08/31/2020 14.53 0.0486 4.01% 08/31/2020 13.76 0.0445 3.88% 07/31/2020 14.48 0.0486 4.03% 07/31/2020 13.72 0.0445 3.89% 06/30/2020 14.33 0.0486 4.07% 06/30/2020 13.57 0.0445 3.94% 05/29/2020 14.11 0.0486 4.13% 05/29/2020 13.35 0.0445 4.00%

Class AT shares, USD Hedged^ (ISIN: LU0539802446) AT類股份，美元對沖^ Month 月份

NAV (US$) 資產淨值 (美元)

DIV (US$) 股息 (美元)

Annualized Yield 年度化息率

04/30/2021 14.99 0.0504 4.03% 03/31/2021 15.06 0.0504 4.02% 02/26/2021 15.05 0.0504 4.02% 01/29/2021 15.21 0.0504 3.98% 12/31/2020 15.30 0.0504 3.95% 11/30/2020 15.23 0.0504 3.97% 10/30/2020 14.86 0.0504 4.07% 09/30/2020 14.85 0.0504 4.07% 08/31/2020 14.84 0.0504 4.08% 07/31/2020 14.79 0.0504 4.09% 06/30/2020 14.63 0.0504 4.13% 05/29/2020 14.39 0.0504 4.20%

The calendar year performance for AB - European Income Portfolio: Class AT, EUR –- 5.02% (2016), 3.48% (2017), -2.64% (2018), 7.45% (2019), 4.44% (2020) and -0.94% (2021 YTD). Source: AllianceBernstein (AB), calculated on an NAV-to-NAV basis with dividend reinvested, in EUR, as of 30 April 2021. 聯博 - 歐洲收益基金歷年的表現：AT類，歐元— 5.02%（2016 年），3.48%（2017 年），-2.64%（2018 年），7.45%（2019 年），4.44%（2020 年）及-0.94%（2021年初至今）。資料來源：AB，按資產淨值比較計算，股息用於再投資，以歐元計，截至 2021 年 4 月 30 日。 ^ Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share class denominated in the investor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely. Convenience Pricing/Reporting Currencies offers the ability to purchase or redeem shares using the currency indicated, which is then converted into the base currency of the portfolio using a market rate at the time of the purchase or redemption. Convenience pricing/Reporting Currencies involves no currency hedging and does not seek to provide any protection from currency fluctuations. ^ 貨幣對沖股份類別運用對沖技術，嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動，其目的是達致更接近以基準貨幣計算的回報。其它報價貨幣類別可用該貨幣買入或贖回基金，然後依買進或贖回時的市場匯率兌換成基金基準貨幣。此類報價貨幣並無貨幣對沖，亦不提供對貨幣匯率波動的保護。 AB FCP I - European Income Portfolio is part of AB FCP I (referred to as “AB”). AB is a mutual investment fund (fonds commun de placement) organized under the laws of the Grand Duchy of Luxembourg. Prior to 5 February 2016, AB’s legal name was ACMBernstein, its trading name was AllianceBernstein. This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing, investors should review the fund’s full prospectus, together with the fund’s Product Key Facts and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from www.abfunds.com.hk or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution. 聯博 - 歐洲收益基金為 AB FCP I（即“聯博”）旗下的一個投資組合。聯博是根據盧森堡大公國法律組成的互惠投資基金 (fonds commun de placement)，法定名稱為 AB FCP I。在 2016 年 2 月 5 日之前，聯博的法定名稱為 ACMBernstein，營業名稱為 AllianceBernstein。此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士。投資前，投資者應審查基金的認購章程全文，連同基金的產品資料概要，以及最近期的財務報表。這些文件的副本，其中包括最近期的年度報告，以及如果其後頒布者，則為最近期的中期報告，可瀏覽 www.abfunds.com.hk 或聯繫基金獲授權經銷司法權區的當地經銷商免費索取。 Past performance is no guarantee of future results. Total returns, provided by AB, include the change in Net Asset Value and reinvestment of any distributions paid on portfolio shares for the period shown, but do not reflect sales charges. Shares of the portfolio are offered only pursuant to the portfolio’s current Prospectus together with the most recent financial statements. 以往表現並非未來業績的保證。AB 提供的總回報反映資產淨值的變動，並於所示時期內就基金股份所支付的任何分派均用於再投資，但不反映銷售費。所列回報不一定代表投資者所得的實際回報。本基金股份只可根據本基金的現行認購章程連同最近的財務報表發售。 Investment Risks—Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Returns denominated in a currency other than the base currency of the fund may increase or decrease as a result of foreign exchange currency fluctuations. The Portfolio is denominated in Euro. Non-Euro based investors may therefore be subject to the risk of an unfavorable change in the rate of exchange between the Euro and the relevant currency. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them. 投資風險—投資於本基金須承擔若干風險。投資於本基金的回報及本金值會有波動，故投資者的股份在贖回時的價值可能高於或低於原來成本。並非所有股份類別均可獲派息，亦無派息保證。本基金旨在

作為分散投資的工具，並非完整投資計劃。以基金基準貨幣以外的貨幣所計價的回報，可能受外匯波動有所增加或減少。本基金以歐元為基準貨幣。以非歐元為基礎的投資者因此可能受有關貨幣與歐元匯

率波動之風險所帶來的不利影響。此等風險以及其他風險在本基金認購章程內有說明。準投資者應細閱認購章程及其風險因素，並與其理財顧問商討本基金的風險及各項費用，以確定是否適合投資。 Source: AB, as of 30 April 2021. 資料來源：AB，截至 2021 年 4 月 30 日。 This document has not been reviewed by the Securities and Futures Commission. The issuer of this document is AllianceBernstein Hong Kong Limited. 此文件並未經證監會審閱。此文件的發行者為聯博香港有限公司。

©2021 AllianceBernstein L.P. The [A/B] logo is a service mark of AllianceBernstein and AllianceBernstein® is a registered trademark used by permission of the owner, AllianceBernstein L.P. ©2021 AllianceBernstein L.P. [A/B] 標誌為 AllianceBernstein 的服務標記，而AllianceBernstein®為註冊商標，須獲得其擁有人AllianceBernstein L.P. 的批准方可使用。

FIXED INCOME 定息

April 2021 年 4 月 MONTHLY NAV AND DIVIDEND SUMMARY

每月資產淨值及股息摘要

AB - European Income Portfolio 聯博 - 歐洲收益基金 NAV, Dividend and Yield Information as of 04/30/2021 截至 04/30/2021 的資產淨值、股息及年度化息率資料 The share classes below intend to declare and pay monthly dividends. Dividend amount/distribution rate is not guaranteed and may be paid from capital of the Portfolio. (See Important Information 6) 以下股份類別旨在每月宣派及派付股息。派息/息率並無保證，派息可從資本中支付。(注意重要事項 6) Annualized yield is calculated with the following formula: Dividend of the month x 12 / ex-dividend price of the month x 100. Positive distribution yield does not imply positive return. The historical data provided below are for information purposes only and do not imply prospective yields of the Portfolio. 年度化息率按以下程式計算：以當月之派息 x 12 / 當月除息價格 x 100。正派息率並不表示本基金將錄得正回報。以下所提供的過往數據僅作參閱之用，並不代表基金未來的年息率。

Class AA shares, AUD-Hedged^ (ISIN: LU1008671098) AA類股份，澳元對沖^

Class AA shares, HKD-Hedged^ (ISIN: LU1069347893) AA類股份，港元對沖^

Month 月份

NAV (A$) 資產淨值 (澳元)

DIV (A$) 股息 (澳元)

Annualized Yield 年度化息率

Month 月份

NAV (HKD) 資產淨值 (港元)

DIV (HKD) 股息 (港元)

Annualized Yield 年度化息率

04/30/2021 12.40 0.0566 5.48% 04/30/2021 84.05 0.3928 5.61% 03/31/2021 12.47 0.0566 5.45% 03/31/2021 84.55 0.3928 5.57% 02/26/2021 12.48 0.0566 5.44% 02/26/2021 84.65 0.3928 5.57% 01/29/2021 12.63 0.0566 5.38% 01/29/2021 85.67 0.3928 5.50% 12/31/2020 12.72 0.0566 5.34% 12/31/2020 86.26 0.4096 5.70% 11/30/2020 12.69 0.0566 5.35% 11/30/2020 86.03 0.4096 5.71% 10/30/2020 12.41 0.0566 5.47% 10/30/2020 84.08 0.4096 5.85% 09/30/2020 12.41 0.0566 5.47% 09/30/2020 84.11 0.4096 5.84% 08/31/2020 12.42 0.0566 5.47% 08/31/2020 84.16 0.4096 5.84% 07/31/2020 12.40 0.0566 5.48% 07/31/2020 84.02 0.4096 5.85% 06/30/2020 12.28 0.0566 5.53% 06/30/2020 83.21 0.4096 5.91% 05/29/2020 12.11 0.0566 5.61% 05/29/2020 81.95 0.4096 6.00%

Class AA shares, EUR (ISIN: LU1008670876) AA類股份，歐元

Class AA shares, USD-Hedged^ (ISIN: LU1013768186) AA類股份，美元對沖^

Month 月份

NAV (€) 資產淨值（歐元）

DIV (€) 股息（歐元）

Annualized Yield 年度化息率

Month 月份

NAV (USD) 資產淨值 (美元)

DIV (USD) 股息 (美元)

Annualized Yield 年度化息率

04/30/2021 12.63 0.0501 4.76% 04/30/2021 12.76 0.0587 5.52% 03/31/2021 12.70 0.0501 4.73% 03/31/2021 12.83 0.0587 5.49% 02/26/2021 12.72 0.0501 4.73% 02/26/2021 12.85 0.0587 5.48% 01/29/2021 12.87 0.0501 4.67% 01/29/2021 13.00 0.0587 5.42% 12/31/2020 12.95 0.0501 4.64% 12/31/2020 13.08 0.0587 5.39% 11/30/2020 12.93 0.0501 4.65% 11/30/2020 13.04 0.0587 5.40% 10/30/2020 12.63 0.0501 4.76% 10/30/2020 12.74 0.0587 5.53% 09/30/2020 12.64 0.0501 4.76% 09/30/2020 12.75 0.0587 5.52% 08/31/2020 12.65 0.0501 4.75% 08/31/2020 12.75 0.0587 5.52% 07/31/2020 12.62 0.0501 4.76% 07/31/2020 12.73 0.0587 5.53% 06/30/2020 12.50 0.0501 4.81% 06/30/2020 12.60 0.0587 5.59% 05/29/2020 12.32 0.0501 4.88% 05/29/2020 12.41 0.0587 5.68%

Important Information 重要事項 1. The portfolio invests primarily in fixed-income securities of European companies and governments.

本基金主要投資於歐洲公司及政府的定息證券。 2. The portfolio may invest in European securities where the issuers have their registered office or exercise the predominant part of their economic activities in Europe. A significant deterioration of the European debt crisis could have a

significant adverse impact on some of the Portfolio’s investments. 本基金可投資於註冊辦事處位於歐洲或主要經濟活動在歐洲進行的發行人所發行的歐洲證券。倘若歐債危機嚴重惡化，可能對本基金的一些投資造成嚴重不利的影響。

3. Invest in emerging markets is subject to higher volatility and higher risks (e.g. liquidity risk, currency risk, political risk, regulatory risk and economic risk). 投資於新興市場面對較高的波動性及較高的風險（例如流動性風險、貨幣風險、政治風險、監管風險及經濟風險）。

4. Investment in the portfolio may also involve fixed-income securities risks, illiquid assets risk, country risk, management risk, credit risks, eurozone risk and Renminbi share class risk. Exposure to lower rated and unrated instruments can subject the Portfolio to greater risk of loss of principal and interest than higher-rated securities. The value of the portfolio can be volatile and can go down substantially within a short period of time. It is possible that the entire value of your investment in the portfolio can be lost. 投資於本基金亦可能涉及固定收益證券風險、不流通資產風險、國家風險、管理風險、信用風險、歐元區風險及人民幣類別風險。低評級及無評級工具被視為須承受本金及利息損失的更大風

險。基金價格可反覆波動，並可在一段短時期內顯著下跌。閣下於本基金的投資可能會價值全失。 5. The portfolio is entitled to use financial derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks. In adverse situations, the portfolio’s use of derivative instruments may become

ineffective in hedging or efficient portfolio management and the portfolio may suffer significant losses. 本基金可使用衍生工具達到對沖及有效基金管理的目的，這可能涉及額外風險。在不利情況下，本基金使用的衍生工具未必能夠有效地達到對沖或有效基金管理的目的，且本基金可能會遭受重

大損失。

6. Dividends may be paid from capital or effectively out of the capital of the Portfolio, which may amount to a partial return or withdrawal of an investor’s original investment or from any capital gains attributable to that original investment and result in an immediate decrease of the Net Asset Value per Share. 本基金可從資本中或實際上以資本撥付派息(此舉可構成部分退回或撤回投資者原本的投資)或來自原本投資應佔的任何資本收益，由此即時減低每股資產淨值。

7. Investors should not rely on this document alone to make investment decisions. 投資者不應只依賴本文件而作出投資決定。

EIP–DYI–EN–CH–HK–0421 (Issue date of this document 本文件刊發日期: 05/10/2021)

Class AA shares, RMB-Hedged^ (ISIN: LU1165978963) AA類股份，人民幣對沖^

Class AA shares, SGD-Hedged^ (ISIN: LU1035781167) AA類股份，新加坡元對沖^

Month 月份

NAV (RMB) 資產淨值 (人民幣)

DIV (RMB) 股息 (人民幣)

Annualized Yield 年度化息率

Month 月份

NAV (SGD) 資產淨值 (新加坡元)

DIV (SGD) 股息 (新加坡元)

Annualized Yield 年度化息率

04/30/2021 84.12 0.5571 7.95% 04/30/2021 12.52 0.0555 5.32% 03/31/2021 84.59 0.5265 7.47% 03/31/2021 12.59 0.0555 5.29% 02/26/2021 84.59 0.5265 7.47% 02/26/2021 12.60 0.0555 5.29% 01/29/2021 85.59 0.5265 7.38% 01/29/2021 12.75 0.0555 5.22% 12/31/2020 86.21 0.5640 7.85% 12/31/2020 12.83 0.0555 5.19% 11/30/2020 85.97 0.5640 7.87% 11/30/2020 12.79 0.0555 5.21% 10/30/2020 84.05 0.5066 7.23% 10/30/2020 12.50 0.0555 5.33% 09/30/2020 84.00 0.5066 7.24% 09/30/2020 12.50 0.0555 5.33% 08/31/2020 84.01 0.5066 7.24% 08/31/2020 12.51 0.0555 5.32% 07/31/2020 83.84 0.5066 7.25% 07/31/2020 12.48 0.0555 5.34% 06/30/2020 83.02 0.4584 6.63% 06/30/2020 12.36 0.0555 5.39% 05/29/2020 81.73 0.4037 5.93% 05/29/2020 12.18 0.0555 5.47%

The calendar year performance for AB - European Income Portfolio: Class AA, EUR – 5.11% (2016), 3.40% (2017), -2.71% (2018), 7.55% (2019), 4.41% (2020) and -0.93% (2021 YTD). Source: AllianceBernstein (AB), calculated on an NAV-to-NAV basis with dividend reinvested, in EUR, as of 30 April 2021. Inception Date for Class AA (EUR): 9 January 2014. 聯博 - 歐洲收益基金歷年的表現：AA類，歐元— 5.11%（2016年），3.40%（2017年），-2.71%（2018年），7.55%（2019年），4.41%（2020年）及-0.93%（2021年初至今）。資料來源：AB，按資產淨值比較計算，股息用於再投資，以歐元計，截至2021年4月30日。AA類（歐元）的成立日期為2014年1月9日。 ^ Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share class denominated in the investor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely. Convenience Pricing/Reporting Currencies offers the ability to purchase or redeem shares using the currency indicated, which is then converted into the base currency of the portfolio using a market rate at the time of the purchase or redemption. Convenience pricing/Reporting Currencies involves no currency hedging and does not seek to provide any protection from currency fluctuations. ^ 貨幣對沖股份類別運用對沖技術，嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動，其目的是達致更接近以基準貨幣計算的回報。其它報價貨幣類別可用該貨幣買入或贖回基金，然後依買進或贖回時的市場匯率兌換成基金基準貨幣。此類報價貨幣並無貨幣對沖，亦不提供對貨幣匯率波動的保護。 AB FCP I - European Income Portfolio is part of AB FCP I (referred to as “AB”). AB is a mutual investment fund (fonds commun de placement) organized under the laws of the Grand Duchy of Luxembourg. Prior to 5 February 2016, AB’s legal name was ACMBernstein, its trading name was AllianceBernstein. This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing, investors should review the fund’s full prospectus, together with the fund’s Product Key Facts and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from www.abfunds.com.hk or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution. 聯博 - 歐洲收益基金為AB FCP I（即“聯博”）旗下的一個投資組合。聯博是根據盧森堡大公國法律組成的互惠投資基金 (fonds commun de placement)，法定名稱為AB FCP I。在2016年2月5日之前，聯博的法定名稱為ACMBernstein，營業名稱為AllianceBernstein。此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士。投資前，投資者應審查基金的認購章程全文，連同基金的產品資料概要，以及最近期的財務報表。這些文件的副本，其中包括最近期的年度報告，以及如果其後頒布者，則為最近期的中期報告，可瀏覽 www.abfunds.com.hk 或聯繫基金獲授權經銷司法權區的當地經銷商免費索取。 Past performance is no guarantee of future results. Total returns, provided by AB, include the change in Net Asset Value and reinvestment of any distributions paid on portfolio shares for the period shown, but do not reflect sales charges. Shares of the portfolio are offered only pursuant to the portfolio’s current Prospectus together with the most recent financial statements. 以往表現並非未來業績的保證。AB提供的總回報反映資產淨值的變動，並於所示時期內就基金股份所支付的任何分派均用於再投資，但不反映銷售費。所列回報不一定代表投資者所得的實際回報。本基金股份只可根據本基金的現行認購章程連同最近的財務報表發售。 Investment Risks—Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Returns denominated in a currency other than the base currency of the fund may increase or decrease as a result of foreign exchange currency fluctuations. The Portfolio is denominated in Euro. Non-Euro based investors may therefore be subject to the risk of an unfavorable change in the rate of exchange between the Euro and the relevant currency. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them. 投資風險—投資於本基金須承擔若干風險。投資於本基金的回報及本金值會有波動，故投資者的股份在贖回時的價值可能高於或低於原來成本。並非所有股份類別均可獲派息，亦無派息保證。本基金旨在作為分散投資的工具，並非完整投資計劃。以基金基準貨幣以外的貨幣所計價的回報，可能受外匯波動有所增加或減少。本基金以歐元為基準貨幣。以非歐元為基礎的投資者因此可能受有關貨幣與歐元匯

率波動之風險所帶來的不利影響。此等風險以及其他風險在本基金認購章程內有說明。準投資者應細閱認購章程及其風險因素，並與其理財顧問商討本基金的風險及各項費用，以確定是否適合投資。 Source: AB, as of 30 April 2021. 資料來源：AB，截至2021年4月30日。 This document has not been reviewed by the Securities and Futures Commission. The issuer of this document is AllianceBernstein Hong Kong Limited. 此文件並未經證監會審閱。此文件的發行者為聯博香港有限公司。

©2021 AllianceBernstein L.P. The [A/B] logo is a service mark of AllianceBernstein and AllianceBernstein® is a registered trademark used by permission of the owner, AllianceBernstein L.P. ©2021 AllianceBernstein L.P. [A/B] 標誌為 AllianceBernstein 的服務標記，而AllianceBernstein®為註冊商標，須獲得其擁有人AllianceBernstein L.P. 的批准方可使用。

Apr 2021年4月

All data as of 所有資料截至 30/04/2021

AB - European Income Portfolio聯博－歐洲收益基金

* ** ∆

Important Information 重要事項1 The portfolio may invest in European securities where the issuers have their registered office or exercise the predominant part of their economic activities in Europe. A significant deterioration of the European

debt crisis could have a significant adverse impact on some of the Portfolio’s investments.本基金可投資於註冊辦事處位於歐洲或主要經濟活動在歐洲進行的發行人所發行的歐洲證券。倘若歐債危機嚴重惡化，可能對本基金的一些投資造成嚴重不利的影響。

2 Invest in emerging markets is subject to higher volatility and higher risks (e.g. liquidity risk, currency risk, political risk, regulatory risk and economic risk).投資於新興市場面對較高的波動性及較高的風險（例如流動性風險、貨幣風險、政治風險、監管風險及經濟風險）。

3 Investment in the portfolio may also involve fixed-income securities risks, illiquid assets risk, country risk, management risk, credit risks, eurozone risk and Renminbi share class risk. Exposure to lower rated andunrated instruments can subject the Portfolio to greater risk of loss of principal and interest than higher-rated securities. The value of the portfolio can be volatile and can go down substantially within a shortperiod of time. It is possible that the entire value of your investment in the portfolio can be lost.投資於本基金亦可能涉及固定收益證券風險、不流通資產風險、國家風險、管理風險、信用風險、歐元區風險及人民幣類別風險。低評級及無評級工具被視為須承受本金及利息損失的更大風險。基金價格可反覆波動，並可在一段短時期內顯著下跌。閣下於本基金的投資可能會價值全失。

4 The portfolio is entitled to use financial derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks. In adverse situations, the portfolio's use of derivativeinstruments may become ineffective in hedging or efficient portfolio management and the portfolio may suffer significant losses.本基金可使用衍生工具達到對沖及有效基金管理的目的，這可能涉及額外風險。在不利情況下，本基金使用的衍生工具未必能夠有效地達到對沖或有效基金管理的目的，且本基金可能會遭受重大損失。

5 Dividends may be paid from capital or effectively out of the capital of the Portfolio, which may amount to a partial return or withdrawal of an investor’s original investment or from any capital gains attributable tothat original investment and result in an immediate decrease of the Net Asset Value per Share.本基金可從資本中或實際上以資本撥付派息(此舉可構成部分退回或撤回投資者原本的投資)或來自原本投資應佔的任何資本收益，由此即時減低每股資產淨值。

6 Investors should not rely on this document alone to make investment decisions.投資者不應只依賴本文件而作出投資決定。

Portfolio Objective/ Strategy/ Key Features 基金目標/ 策略/ 特色The Portfolio seeks to achieve a high current income with the potential for capital appreciation by investing in adiversified portfolio of Euro- or European currency-denominated investment grade and non-investment grade fixedincome securities. The Portfolio may invest up to 50% of its total assets in securities that are rated below investmentgrade. In evaluating securities, the Investment Manager utilizes its internal credit analysis resources as well as financialand economic information obtained from other sources.

本基金透過分散投資於一個以歐元或歐洲貨幣計價、投資級別及非投資級別的固定收益證券，以獲取高收益及本金增值的潛力。本基金最多可將總資產的 50% 投資在低於投資級別的證券。投資經理善用其內部的信貸分析資源及外在的財務及經濟資訊來評估此類證券。

Portfolio Composition^ 投資組合配置^

Top Sectors^^‡ 最高行業分佈^^‡Corporates - Non-Investment Grade公司債券–非投資等級 44.54%Global Governments環球各國政府債券 28.86%Corporates - Investment Grade公司債券–投資等級 22.60%Cash Equivalents現金等值 2.94%Emerging Markets -Corporate Bonds新興市場–公司債券 1.20%

Country Allocation 國家分佈United States 美國 15.72%Germany 德國 14.42%Italy 意大利 12.46%France 法國 11.78%Spain 西班牙 11.69%Other 其它 33.93%

Net Currency Exposure 淨貨幣分佈Euro 歐元 100.05%

Other 其它 -0.05%

Credit Quality^^ 信貸評級^^AAA 11.58%AA 4.91%A 9.15%BBB 27.26%BB 25.93%B 16.80%CCC & BelowCCC 及以下 3.00%Other 其它 1.37%

^ Holdings are expressed as a percentage of total investments and may vary over time.投資組合配置比重以總投資比重之百分比表示，可能隨時間而改變。

^^ All ratings are based on ratings of S&P, Moody’s and Fitch. Sector Allocation/High Yield uses a split to lower with twodifferent ratings (and a split to middle for three ratings); Credit Quality uses a split to higher.所有評級均基於標準普爾、穆迪及惠譽。行業分佈/高收益使用兩個不同評級中較低的評級（及三個不同評級中中等的評級）；信貸評級使用較高的評級。

‡ Excludes offsets.並未包括對沖工具及相關抵銷。

1. As a percentage of purchase price for Classes A, A2, AA and AT only.適用於 A 股 , A2 股, AA 股及 AT 股之費用，以認購價格之百分比計算。

2. As an annual percentage of average daily Net Asset Value.以每日平均資產淨值之年度百分比率計費用。

Profile 基金資料Domicile註冊地點 Luxembourg 盧森堡

Inception Date基金成立日

26/02/1999（Class A – EUR）（ A 股–歐元 ）

Fiscal Year End財政年度終結 31 August（8 月 31 日）

Net Assets淨資產 €2,134.11 Million 百萬歐元

Subscription/Redemption認購/贖回

Daily 每日

Base Currency基準貨幣 EUR 歐元

Reporting Currencies其他報價貨幣 USD 美元

Currency HedgedShare Classes†

貨幣對冲股份類別†

AUD, HKD, RMB, SGD, USD澳元，港元，人民幣，新加坡元，美元

Average Duration(Years)平均存續期 (年)

5.44

Average Credit Quality平均信貸質素 BBB-

Initial Sales Charge1

首次銷售費 1Up to 最多為 5.00%（Class A, A2, AA & AT 股）

Management Fee2

管理費 21.10%

Management CompanyFee2

管理公司費 20.10%

Total No. Of Holdings總持股數量 223

Portfolio ManagementTeam基金管理團隊

Scott DiMaggio, CFAJorgen KjaersgaardJohn Taylor

For fees applicable to other share classes, please refer to the offeringdocuments for details.有關其他股份類別的費用詳情，請參閱基金銷售文件。

Offering documents canbe downloaded from"Quick Links" Section:基金銷售文件可於「重要文件」一欄下載:

English 中文

Apr 2021年4月

All data as of 所有資料截至 30/04/2021

Top 10 Holdings 十大持股Holding 持股量

Bundesrepublik Deutschland 97 6.50%, 7/04/27 9.32%French Republic Govt Bond OAT 8.50%, 4/25/23 4.22%Italy Buoni Poliennali Del Tesoro 9.00%, 11/01/23 3.42%Italy Buoni Poliennali Del Tesoro 4.75%, 9/01/44 2.55%Spain Govt Bond 5.15%, 10/31/44 1.92%UniCredit 6.95%, 10/31/22 1.77%Cooperatieve Rabobank 4.375%, 6/29/27 1.58%Spain Govt Bond 6.00%, 1/31/29 1.55%Spain Govt Bond 5.75%, 7/30/32 1.41%Spain Govt Bond 4.20%, 1/31/37 1.22%Total 合共 28.96%

Calendar Year Returns 年度回報%

-5

0

5

10

2016 2017 2018 2019 2020 2021 YTD

2016 2017 2018 2019 2020 2021 YTD年初迄今Class A – EURA 股–歐元 5.05 3.51 -2.63 7.45 4.44 -0.94

Cumulative Total Returns 總累積回報%

1 Year（年）

3 Year（年）

5 Year（年）

10 Year（年）

SinceInception成立迄今

Class A – EURA 股–歐元 9.42 7.95 14.96 50.82 119.54

Please refer to Profile section for Inception Date of Class A - EUR.請見基金資料有關 A 股 – 歐元的成立日。Source: AllianceBernstein (AB), calculated on an NAV-to-NAV basis, with dividend reinvested, in Euros.資料來源：AB，按資產淨值比資產淨值計算，股息用於再投資，以歐元計。

Past performance is no guarantee of future results. Total returns, provided by AB, include the change in netasset value and reinvestment of any distributions paid on Portfolio shares for the period shown, but do notreflect sales charges. The information on this page is for information purposes only and should not be construedas an offer to sell, or solicitation of an offer to buy, or a recommendation for the securities of the Portfolio.過往的業績不保證將來的表現。 AB 所提供的總回報包括期內之資產淨值變化及股息或利息之再投資，但是並不反映認購費。本頁資訊僅作參閱之用，不應被視作銷售或誘導讀者購買或推薦本基金之證券。

*Fitch Fund Quality Rating provides an in-depth assessment of a fund’s key attributes and consistency oflonger-term returns relative to its peer group and/or benchmarks. Ratings are as follows from highest to lowest:Excellent, Strong, Satisfactory, Weak, Inadequate, Qualifying. Past performance is no guarantee of futureresults.*惠譽基金質素評價為基金主要特點及與同業及╱或基準相比能否貫徹取得長遠回報提供深入評估。評級由最高至最低載列如下：優秀、強勁、滿意、疲弱、不足、保留。過往表現並非未來業績的保證。**BENCHMARK. Past performance is no guarantee of future results. Benchmark-Euro Fixed Income award isbased on class AT (EUR) of the portfolio, with performance as of end September 2013 and the award is not arecommendation to purchase, sell or hold any interest in the Portfolio.**指標。過往表現並非未來業績的保證。指標-歐元債券類別獎項是根據基金 AT 類（歐元）截至 2013 年9 月 30 日的表現評定。獎項並非購買、出售或持有基金任何權益的推薦意見。

NAV, Yield & Dividend Information (as of 30/04/2021)†資產淨值、息率及股息資料（截至 2021 年 04 月 30 日）†

A, AT & AA share classes below intend to pay monthlydividends. Dividend amount/distribution rate is not guaranteedand may be paid from capital of the Portfolio. (See ImportantInformation 5)Annualized yield is calculated with the following formula:monthly dividend of the month x 12 / ex-dividend price of themonth x 100. Positive distribution yield does not imply positivereturn. The historical data provided below are for informationpurposes only and do not imply prospective yields of thePortfolio.

A, AT 及 AA 股份類別旨在提供每月派息。派息並無保證及可從資本中支付。(注意重要事項 5)年度化息率按以下程式計算：以當月份之派息 x 12 / 除息價格x 100。正派息率並不表示本基金將錄得正回報。以下所提供的過往數據僅作參閱之用，並不代表基金未來的年息率。

NAV基金淨值

Yield息率

Dividend股息 Bloomberg ISIN

Class A – EURA 股–歐元 6.84 3.28 0.0187 ACMEIAI:LX LU0095025721

Class A2 – EURA2 股–歐元 21.80 - - ACMEIRI:LX LU0095024591

Class A2 – SGD(H)A2 股–新加坡元（對沖） 18.83 - - AEIA2SH:LX LU1165979425

Class A2 – USD(H)A2 股–美元（對沖） 19.51 - - AEIA2UH:LX LU1113143496

Class AA – EURAA 股–歐元 12.63 4.76 0.0501 ABEIAAI:LX LU1008670876

Class AA – HKD(H)AA 股–港元（對沖） 84.05 5.61 0.3928 AEIAAHK:LX LU1069347893

Class AA – AUD(H)AA 股–澳元（對沖） 12.40 5.48 0.0566 ABEAAUD:LX LU1008671098

Class AA – RMB(H)AA 股–人民幣(對沖) 84.12 7.95 0.5571 ABEAARH:LX LU1165978963

Class AA – SGD(H)AA 股–新加坡元（對沖） 12.52 5.32 0.0555 ABASGHI:LX LU1035781167

Class AA – USD(H)AA 股–美元（對沖） 12.76 5.52 0.0587 ABEAUSD:LX LU1013768186

Class AT – EURAT 股–歐元 6.84 3.28 0.0187 ACMEIAT:LX LU0173638916

Class AT – AUD(H)AT 股–澳元（對沖） 14.64 3.98 0.0486 ABEATAH:LX LU0539801802

Class AT – SGD(H)AT 股–新加坡元（對沖） 13.91 3.84 0.0445 ABATSGH:LX LU1035781084

Class AT – USD(H)AT 股–美元（對沖） 14.99 4.03 0.0504 ABEATUH:LX LU0539802446

∆ Overall Morningstar Rating is a copyright of Morningstar, Inc., 2021. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is notwarranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.Morningstar rates funds from one star to five stars based on how well the funds have performed (after adjusting for risk) in comparison to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods, in three years, five years, and ten years, and these ratings are combined toproduce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They are a useful tool for identifying funds worthy of furtherresearch, but should not be considered buy or sell recommendations.∆ Overall Morningstar Rating 是晨星有限公司 2021 版權所有。晨星提供的資料：(1)為晨星的獨有資產；(2)未經許可不得複製或轉載；及(3)晨星未就資料的完整性、準確性及即時性作出任何保證。晨星及其內容供應商對於因使用相關資料而作出的交易決定均不承擔任何責任。過往績效紀錄不能保證未來投資結果。晨星將同類型基金比較，以其表現為基礎（經考慮風險及銷售費用而調整後），從一到五星評級。於晨星各分類內，表現首 10%的基金評為五星，接下來的 22.5％的基金評為四星，中間 35％的基金評為三星，接下來22.5％的基金評為兩星，而尾 10%的基金評為一星。 基金評級分為三個時段：三年、五年和十年；評級會結合並產生一個整體評級。 基金成立少於三年並不獲評級。評級是客觀的，完全以歷來表現的數學評價為基礎。 評級為鑑定值得進一步研究的基金的有用工具，但不應被視作買入或贖回基金的信號。† Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share class denominated in the investor’s investingcurrency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely. Stand-alone currency symbols represent convenience pricing, which offers the ability to purchase orredeem shares using the currency indicated, which is then converted into the base currency of the portfolio using a market rate at the time of purchase or redemption. Convenience pricing involves no currency hedging and does not seekto provide any protection from currency fluctuations.† 對沖股份類別運用對沖技術，嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動，其目的是達致更接近以基準貨幣計算的回報。單獨的貨幣符號代表其它報價貨幣類別，即可用該貨幣買入或贖回基金，然後依買進或贖回時的市場匯率兌換成基金基準貨幣。此類報價貨幣並無貨幣對沖，亦不提供對貨幣匯率波動的保護。Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Dividends are not paid for allshare classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Returns denominated in a currency other than the base currency of the fund may increaseor decrease as a result of foreign exchange currency fluctuations. The Portfolio is denominated in Euro. Non-Euro based investors may therefore be subject to the risk of an unfavorable change in the rate of exchange between the Euroand the relevant currency. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the fund’s fees and charges with theirfinancial adviser to determine if the investment is appropriate for them.投資於本基金須承擔若干風險。投資於本基金的回報及本金值會有波動，故投資者的股份在贖回時的價值可能高於或低於原來成本。並非所有股份類別均可獲派息，亦無派息保證。本基金旨在作為分散投資的工具，並非完整投資計劃。以基金基準貨幣以外的貨幣所計價的回報，可能受外匯波動有所增加或減少。本基金以歐元為基準貨幣。以非歐元為基礎的投資者因此可能受有關貨幣與歐元匯率波動之風險所帶來的不利影響。此等風險以及其他風險在本基金認購章程內有說明。準投資者應細閱認購章程及其風險因素，並與其理財顧問商討本基金的風險及各項費用，以確定是否適合投資。This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing, investors should review the fund’s full prospectus, togetherwith the fund’s Product Key Facts and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromwww.abfunds.com.hk or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution.此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士。投資前，投資者應審查基金的認購章程全文，連同基金的產品資料概要，以及最近期的財務報表。這些文件的副本，其中包括最近期的年度報告，以及如果其後頒布者，則為最近期的中期報告，可瀏覽 www.abfunds.com.hk 或聯繫基金獲授權經銷司法權區的當地經銷商免費索取。The Portfolio is part of AB FCP I (referred to as “AB”). AB is a mutual investment fund (fonds commun de placement) organized under the laws of the Grand Duchy of Luxembourg. Prior to 5 February 2016, AB’s legal name wasACMBernstein, its trading name was AllianceBernstein.本基金為 AB FCP I（即“聯博”）旗下的一個投資組合。聯博是根據盧森堡大公國法律組成的互惠投資基金 (fonds commun de placement)，法定名稱為 AB FCP I。在 2016 年 2 月 5 日之前，聯博的法定名稱為 ACMBernstein，營業名稱為 AllianceBernstein。This document is issued by AllianceBernstein Hong Kong Limited and has not been reviewed by the Securities and Futures Commission.此文件的發行者為聯博香港有限公司及未經證監會審閱。©2021 AllianceBernstein L.P. The [A/B] logo is a service mark of AllianceBernstein and AllianceBernstein® is a registered trademark used by permission of the owner, AllianceBernstein L.P.©2021 AllianceBernstein L.P. [A/B] 標誌為 AllianceBernstein 的服務標記，而 AllianceBernstein®為註冊商標，須獲得其擁有人 AllianceBernstein L.P. 的批准方可使用。

PRODUCT KEY FACTS AB FCP I

AllianceBernstein (Luxembourg) S.à r.l. European Income Portfolio April 2021

This statement provides you with key information about this product. This statement is a part of the offering document.

You should not invest in this product based on this statement alone.

Quick facts Management Company: AllianceBernstein (Luxembourg) S.à r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Investment Manager’s Delegate: AllianceBernstein Limited (internal delegation, United Kingdom) Depositary: Brown Brothers Harriman (Luxembourg) S.C.A. Dealing frequency: Daily Base currency: Euro Dividend policy: (i) For Classes A, B and C Shares:

Aims to declare daily and pay monthly or be reinvested as elected by investor*(ii) For Classes AA, AT, BA, BT, IT and IA Shares (and corresponding H Shares)

and Class CT USD H Shares: Aims to declare and pay monthly or be reinvested as elected by investor*

*Dividends may be paid out of capital or effectively out of capital and reduce the Portfolio’s net asset value (iii) For Classes A2, B2, C2 and I2 Shares (and corresponding H Shares):

None Financial year end of this Portfolio: 31 August

Ongoing charges over a fiscal year:

Classes A, A2 and AT Shares (and corresponding H Shares )

Classes AA Shares (and corresponding H Shares ), A2 SGD H and AT SGD H Shares

Class AA USD H Shares

1.35%† 1.34%† 1.33%† Class AT GBP H Shares

Class AA RMB H Shares Classes BA and BT Shares (and corresponding H Shares ) and B2 Shares

1.41% Δ 1.36%† 2.04%† Class B Shares Class C Shares Classes C2 and CT USD H

Shares 2.05%† 1.80%† 1.78%† Class C2 USD H Shares

Classes IA and IA SGD H Shares

Classes IA USD H and I2 USD H Shares

1.77%† 0.78%† 0.77%† Class IA HKD H Shares

Classes IT Shares (and corresponding H Shares) and I2 Shares

Class I2 AUD H Shares

0.76%† 0.79%† 0.81%† Min. investment*: Initial Additional Classes A, AA, A2, AT, B●, BA●, B2●, BT●, C and C2 Shares (and corresponding H Shares) and Class CT USD H Shares

EUR2,000 | USD2,000 | AUD2,000 GBP 2,000 | SGD3,000 | HKD15,000 RMB10,000

EUR750 | USD750 | AUD750 GBP 750 | SGD1,000 | HKD5,000 RMB3,750

AB FCP I European Income Portfolio

Class I2, IT and IA Shares (and corresponding H Shares)

EUR1 million | USD1 million AUD1 million | SGD1.5 million HKD 8 million

None

Unless otherwise specified. †The ongoing charges figure is based on expenses for the year ended 31 August 2020. This figure may vary from year to year. The ongoing charges figure is an annual figure calculated by adding the applicable charges and payments deducted from the assets of the Portfolio and then dividing by the Portfolio's average net asset value for the fiscal year attributable to the relevant share class. ΔThe ongoing charges figure of this share class is an estimated figure. The ongoing charges of this share class have been capped at this figure and, accordingly, the excess over such figure as at the Fund’s fiscal year end will be borne by the Management Company. *Different minimum, additional and maximum investment limits may apply to different classes of shares denominated in different currencies. Investors should refer to the offering document of the Fund for details. ●Effective 15 December 2016, Classes B, BA, B2 and BT Shares (and corresponding H Shares) are no longer open for subscription by new and existing investors. However, investors may request the exchange of their holdings of Classes B, BA, B2 and BT Shares (and corresponding H Shares) for the same share class of another AB-sponsored Luxembourg-domiciled UCITS fund authorised in Hong Kong for retail distribution or otherwise available through an AB authorised dealer in Hong Kong.

What is this product? The European Income Portfolio (the "Portfolio") is a portfolio of AB FCP I (the "Fund"), a mutual investment fund domiciled in Luxembourg and its home regulator is Commission de Surveillance du Secteur Financier.

Objectives and Investment Strategy Objectives The investment objective of the Portfolio is to maximise current income while seeking preservation of capital.

Strategy The Portfolio invests in a diversified portfolio of Euro- or European currency-denominated investment-grade and non investment grade fixed-income securities of European companies and governments. The Investment Manager will invest at any time at least two-thirds of the Portfolio's net asset value in securities of European companies and governments. The Portfolio may also invest up to one third of its net asset value in Euro- or European currency-denominated fixed-income securities of non-European issuers. The Portfolio has no limitation as to the amount of its total assets that may be invested in a single country or a single industry. The Portfolio may invest up to 25% of its net asset value in newly developing markets that are not Investment Grade (as defined in the Prospectus of the Fund to mean fixed-income securities rated Baa (including Baa1, Baa2 and Baa3) or higher by Moody's or BBB (including BBB+ and BBB-) or higher by S&P, or the equivalent thereof by at least one internationally recognised statistical ratings organization) rated. The Investment Manager expects that approximately 65% of the Portfolio's net asset value will be invested in Investment Grade fixed-income securities, with approximately 35% in securities rated below Investment Grade. However, if the Investment Manager deems such investments appropriate, the Portfolio may invest up to 50% of its net asset value in securities that are rated below-investment grade.

The Portfolio may invest less than 30% of its net asset value in debt instruments with loss-absorption features as defined by the SFC, including, but not limited to, contingent convertible securities, other Tier 1 and Tier 2 capital instruments and senior non-preferred debts. These instruments may be subject to contingent write-down or contingent conversion to ordinary shares on the occurrence of trigger events.

The Portfolio may seek to hedge against securities market and currency fluctuations through the use of listed futures and options, and OTC derivative instruments, including swaps, options and currency transactions.

The Portfolio is entitled to use financial derivative instruments for hedging, risk management, efficient portfolio management and investment purposes. These financial derivative instruments may include, but are not limited to, swaps, options and currency transactions.

Use of derivatives / Investment in derivatives The Portfolio’s net derivative exposure may be up to 50% of the Portfolio’s net asset value.

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AB FCP I European Income Portfolio

What are the key risks? Investment involves risks. Please refer to the offering document for details including the risk factors.

1. General Investment Risk The Portfolio’s investment may fall in value due to any of the key risk factors below and therefore your investment in the Portfolio may suffer losses. There is no guarantee of the repayment of principal.

2. Debt Securities Risk

Credit / Counterparty Risk

The Portfolio is exposed to the credit/default risk of issuers of the debt securities that the Portfolio may invest in.

Interest Rates Risk

The Portfolio invests in debt securities where its value will generally vary inversely with changes in interest rates and may affect the net asset value of the Portfolio. As interest rates rise, debt securities prices generally fall and vice versa. Prices of longer-term securities tend to rise and fall more than short-term securities.

Volatility and Liquidity Risk

The debt securities in emerging markets that are less developed may be subject to higher volatility and lower liquidity compared to more developed markets. The prices of securities traded in such markets may be subject to fluctuations. The bid and offer spreads of the price of such securities may be large and the Portfolio may incur significant trading costs.

Downgrading Risk

The Portfolio will invest in debt securities (including bonds). An issuer of such debt securities may experience an adverse change in its financial condition which may in turn result in a downgrading in the credit rating to such issuer and debt securities issued by such issuer. Credit ratings of debt securities reflect the issuer's ability to make timely payments of interest or principal—the lower the rating, the higher the risk of default. The adverse change in financial condition or decrease in credit rating(s) of issuer and debt securities may result in increased volatility in, and adverse impact on, the price of the relevant debt security and negatively affect liquidity, making any such debt security more difficult to sell. The value of the Portfolio may be adversely affected. The Investment Manager may not be able to dispose the debt securities that are being downgraded.

Risk Associated with Debt Securities Rated Below Investment Grade or Unrated

The Portfolio will invest in high yield, high risk debt securities (including bonds) that are rated in the lower rating categories (i.e. below Investment Grade) or which are unrated. Debt securities below Investment Grade and unrated are considered to be subject to higher volatility and greater risk of loss of principal and interest than higher-rated securities and are considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal, which may in any case decline during sustained periods of deteriorating economic conditions or rising interest rates. The market for lower-rated securities may be thinner and less active than that for higher-rated securities, which can adversely affect the prices at which these securities can be sold. As a result the Portfolio, and thus the investors of the Portfolio, may suffer losses.

Sovereign Debt Risk

The Portfolio will be exposed to the direct or indirect consequences of political, social and economic changes in various countries by investing in the bonds issued or guaranteed by governmental entities. In adverse situations, these political, social and economic changes in a particular country may affect a particular government's ability or willingness to make or provide for timely payments of its debt obligations or may request the Portfolio to participate in restructuring such debts. The Portfolio may suffer significant losses when there is a default of sovereign debt issuers.

Valuation Risk

Valuation of the Portfolio's investments may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the net asset value calculation of the Portfolio.

- 4 -

AB FCP I European Income Portfolio

Credit Rating Risk

Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times.

3. Illiquid Assets Risk The difficulty of purchasing or selling a security at an advantageous time or price may have a negative impact on the portfolio's performance.

4. Concentration Risk The Portfolio’s investments are concentrated in in the European market. The value of the Portfolio may be more volatile than that of a fund having a more diverse portfolio of investments. The value of the Portfolio may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the market.

5. Emerging Markets Risk The Portfolio will invest in emerging markets, which are subject to higher risks (for example, liquidity risk, currency risk, political risk, regulatory risk, economic risk, legal and taxation risk, settlement risk and custody risk) and higher volatility than developed markets. Fluctuations in currency exchange rates may negatively affect the value of an investment or reduce returns - these risks are magnified in emerging markets.

6. Eurozone Risk In light of ongoing concerns over the sovereign debt risk of countries within the Eurozone, the Portfolio’s investments in the region may be subject to higher volatility, liquidity, currency and default risk. Any adverse events, such as credit downgrade of a sovereign or exit of EU members from the Eurozone, may have a negative impact on the value of the Portfolio.

7. Currency Risk Underlying investments may be denominated in one or more currencies different from the Portfolio’s base currency. Also, a class of shares may be designated in a currency other than the base currency of the Portfolio. This means changes in exchange rate controls, currency movements in such underlying investments and fluctuations in the exchange rates between these currencies and the base currency may significantly and unfavorably affect the net asset value of the Portfolio’s shares.

8. Risks Relating to Renminbi (“RMB”) class(es) RMB is currently not freely convertible and is subject to exchange controls and